BNP Paribas Arbitrage SA trimmed its stake in shares of Lakeland Financial Co. (NASDAQ:LKFN) by 23.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,114 shares of the financial services provider’s stock after selling 1,533 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Lakeland Financial were worth $236,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Xact Kapitalforvaltning AB bought a new position in Lakeland Financial during the 4th quarter valued at $258,000. Teacher Retirement System of Texas acquired a new stake in shares of Lakeland Financial during the fourth quarter worth $402,000. PNC Financial Services Group Inc. raised its holdings in shares of Lakeland Financial by 86.4% during the first quarter. PNC Financial Services Group Inc. now owns 11,573 shares of the financial services provider’s stock worth $535,000 after purchasing an additional 5,365 shares during the period. Matarin Capital Management LLC acquired a new stake in shares of Lakeland Financial during the first quarter worth $568,000. Finally, MetLife Investment Advisors LLC acquired a new stake in shares of Lakeland Financial during the fourth quarter worth $592,000. Hedge funds and other institutional investors own 72.55% of the company’s stock.
Shares of NASDAQ:LKFN opened at $48.50 on Wednesday. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 20.34, a price-to-earnings-growth ratio of 1.61 and a beta of 0.86. Lakeland Financial Co. has a 1-year low of $41.30 and a 1-year high of $52.43. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.95 and a current ratio of 0.95.
Lakeland Financial (NASDAQ:LKFN) last issued its earnings results on Wednesday, April 25th. The financial services provider reported $0.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.01. The company had revenue of $46.10 million for the quarter, compared to analysts’ expectations of $45.57 million. Lakeland Financial had a net margin of 28.94% and a return on equity of 14.09%. equities research analysts anticipate that Lakeland Financial Co. will post 3 EPS for the current year.
In related news, Director Steven D. Ross sold 9,320 shares of the stock in a transaction dated Wednesday, May 2nd. The shares were sold at an average price of $48.00, for a total value of $447,360.00. Following the sale, the director now owns 28,001 shares of the company’s stock, valued at approximately $1,344,048. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Kevin L. Deardorff sold 5,350 shares of the stock in a transaction dated Wednesday, May 9th. The stock was sold at an average price of $49.00, for a total transaction of $262,150.00. Following the completion of the sale, the insider now directly owns 42,015 shares in the company, valued at approximately $2,058,735. The disclosure for this sale can be found here. Insiders have sold 17,282 shares of company stock worth $837,872 over the last three months. 4.40% of the stock is owned by corporate insiders.
A number of brokerages have weighed in on LKFN. Boenning Scattergood began coverage on shares of Lakeland Financial in a report on Friday, June 8th. They set a “neutral” rating on the stock. BidaskClub raised shares of Lakeland Financial from a “sell” rating to a “hold” rating in a report on Saturday, June 23rd. Finally, Zacks Investment Research raised shares of Lakeland Financial from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a report on Wednesday, June 27th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $53.00.
About Lakeland Financial
Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in Indiana. The company offers various deposit products, including noninterest bearing deposits; interest-bearing checking, savings, and money market deposits; and NOW and demand deposits.
Want to see what other hedge funds are holding LKFN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lakeland Financial Co. (NASDAQ:LKFN).
Receive News & Ratings for Lakeland Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lakeland Financial and related companies with MarketBeat.com's FREE daily email newsletter.